Financial Incentives Buoy NavyFed’s Expansion

PENSACOLA, Fla. - (01/09/05) – The Escambia County Commissionlast week approved economic incentives for Navy FCU, if thenation’s largest credit union agrees to expand its Pensacolacall center, as planned. One incentive would provide the facilitywith a 10-year property tax exemption totaling more than $4.6million. The $23 billion credit union would also qualify for astate tax refund over four years, amounting to $342,600. TheVienna, Va,-based credit union employs more than 400 people at thecall center and is expanding the facility to add another 650 jobs.A third phase would add another 600 jobs.